Today we will look at market activity in the “Cove”.
The Cove is a very desirable location and is appealing to market participants given the topography, water access for boating enthusiasts and convenience to the downtown area of Panama City.
Due to the various bodies of water within the neighborhood, there is a wide variation of home prices. The most expensive homes are located on Bunkers Cove Road followed by Cove Terrace and Tyndall Drive. With the exception of the waterfront homes, the predominate buildup within the area is a one story residential structure built in the 1940’s; although the area features homes in excess of 95 years.
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The chart above reflects interior single family homes from 2005 through the 3rd quarter of 2010. As you will note from the trend line, this neighborhood started to correct in late 2006 and continues to correct.
